by Cheang KS The real estate industry players have high hope that the
Premium Visa Programme (PVIP) will attract wealthy overseas
investors to Malaysia and assist the local property business.
Unlike the Malaysia My Second Home programme (MM2H),
the PVIP provides for a 20-year stay and allows members to study,
acquire properties for residential, commercial or industrial
purposes, and make active investments in permitted fields.
The PVIP requires applicant to have a minimum of RM1 million
in bank account where they can only withdraw 50% of that sum
after a year to pay for property purchases, medical or educational
expenditures. Other requirements include a monthly income of
RM40,000 and an upfront participation fee of RM200k per candidate
and RM100k per dependent. The Home Minister stated that the
PVIP received 20,000 applications on the day of its launch and the
ministry is setting a limit of 25,000 applications in its first phase.
The PVIP’s enticing terms is expected to attract wealthy individuals
to be net contributors to local society and economy, attracting more
foreign direct investment, providing job opportunities, and spurring
the real estate industry in the process.
From Hartamas Notes For The Week